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Are Funding Sources Important for Microfinance Institutions? Some Preliminaries Results in West Africa
Mardi | 2010-05-04
B103
nasser ARY TANIMOUNE – M.-P. CLOUTIER – Christian RIETSCH
The West African Economic and Monetary Union (WAEMU) is experiencing growingintermediation activities from microfinance institutions known as Decentralized Financial Structures (DFS). Meanwhile, DFS have encountered various developments constraints and among others, one the actual requirement is their sustainability in a long-term perspective.Based on Data Envelopment Analysis (DEA) from 1998 to 2003, this paper explores the efficiencies of microfinance institutions depending of their funding sources. The preliminaries results show that concerning the distributing of credits, direct credit institutions appear to have higher performances than savings and credit institutions and credit projects, while the latter appears to have the best financial viability. However, given that no indisputable trend is obtained we have concluded that a more-disaggregated data bases is desirable for a consistent generalization.
Croissance, Investissement et Corruption : une analyse sur PSTR
Mardi | 2010-04-27
Leila ALI AGA – libre
Version ProvisoireCet article étudie à partir d’un échantillon de 101 pays entre1996 et 2006, la relation entre la croissance, l’investissement etla corruption. A l’aide de la méthodologie des panels à transitionlisse (PSTR), nous montrons qu’il existe une non linéarité entrela croissance et l’investissement par rapport à la corruption, ca-ractérisée par une transition lisse entre les deux régimes extrêmes.Plus précisement, les résultats obtenus suggèrent que la sensibi-lité de la croissance par rapport à l’investissement est plus élevéedans les pays caractérisés par un degré de corruption faible. Parailleurs, nous trouvons également un impact direct positif de lacorruption sur la croissance.
The FORWAST project : Design of Future Waste Policies for a Cleaner Europe
Mardi | 2010-04-20
B103
B. BRANDT – H. BUSCHMANN – Hans DAXB ECK – Bruno LEMIERE – J. SCHMIDT – S. VAXELAIRE – J. VILLENEUVE – B. WEIDEMA – libre
In the wider context of sustainable development and environment protection, theconnections between the use of natural resources, their accumulation in the economyand waste generation and management, need to be more clearly understood. Wastemanagement policies may affect potentially all sectors. Their influence on the use ofnatural resources must also account for the potential recovery of these resources fromstocks, the technical and economical constraints of recycling, the side effects on the byproductsassociated with natural resources, and at the end, the global balance of theenvironmental costs and benefits.The European FP6 FORWAST project intends to provide comprehensive and validateddata on the material flows, stocks and environmental pressures coming from thedifferent sectors of the life cycle of resources to waste. Certain stocks are particularlyrelevant to recycling in the construction industry.The method implemented is based on an environmentally extended, physical, quasidynamicinput-output model. This model combined with a robust method of MaterialFlow Analysis guides the mining of new data that take place as a combination of “indepth”studies in selected countries where high-quality statistics are available, and anEU-wide effort aimed at consolidating and calibrating different statistical and technicaldata sources.The model will be applied to historical time series of resource inflows into theeconomy, and calibrated to known quantities of waste generation, a core question beingthe estimation of coefficients for lifetime stocks, for the different materials (sand/gravel,wood, metals, paper, etc.) and the dynamic interpretation of the causes of stockvariations (accumulation versus waste generation or dispersive losses). The policyrelevanceof the project is strengthened by the definition of 25 years horizon scenariosof waste generation, combined with technological options for waste prevention andrecycling. The waste with the highest stakes with respect to environmental pressurereduction will be identified through simulation.This paper presents the first results of the project: the principles and the structure of themodel and the progress/difficulties of the data mining. It highlights the necessarydisaggregations of economic activities for accounting for waste flows and thesubstances taken into account for calculating environmental impacts.
Forecasting the Conditional Volatility of Oil Spot and Futures Prices with Structural Breaks and Long Memory Models.
Mardi | 2010-03-23
B103
Mohamed AROURI – Amine LAHIANI – D.-K. NGUYEN – Gilbert COLLETAZ
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The Pernicious Effects of Contaminated Data in Risk Management
Mardi | 2010-03-16
L. FRESARD – Christophe PERIGNON – A. WILHELMSSON – libre
Banks hold capital to guard against unexpected surge in losses and long freezes infinancial markets. The minimum level of capital is set by banking regulators as a function ofthe banks’ own estimates of their risk exposures. As a result, a great challenge for both banksand regulators is to validate internal risk models. We show that a large fraction of US andinternational banks uses contaminated data when testing their models. In particular, mostbanks validate their market risk model using profit-and-loss (P/L) data that include fees andcommissions and intraday trading revenues. This practice is inconsistent with the definition ofthe employed market risk measure. Using both bank data and simulations, we find that datacontamination has dramatic implications for model validation and can lead to the acceptanceof misspecified risk models. Our estimation reveals that the use of contaminated data reduces(market-risk induced) regulatory capital by around 17%.
The Regional Distribution of Public Employment: Theory and Evidence.
Mardi | 2010-03-09
B103
S. G. KESSING – Chiara STROZZI – Camélia TURCU
The regional distribution of public employment is affected bythe role of public employment for inter-regional redistribution.We provide a theoretical framework that highlights the logic ofsuch policies and analyze the empirical evidence. Our empiricalstudy considers the regional distribution of public employmentusing regional data from 19 European countries. Using OLS aswell as IV estimations, we find significant results that public employmentis higher in regions that are poor relative to the nationalaverage. Moreover, the extent of such regional differences in publicemployment between high and low productivity regions can berelated to other structural aspects of the economy.